EXHIBIT 99.2
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income
Three Months Ended Six Months Ended
--------------------------------- ---------------------
June June March June June
2001 2000 2001 2001 2000
--------- ------- ------- -------- --------
Interest & Loan Fees Income $91,696 $94,063 $91,997 $183,693 $187,331
Tax Equivalent Adjustment 2,897 2,514 2,868 5,765 5,390
--------- ------- ------- -------- --------
Interest & Fees Income (FTE) 94,593 96,577 94,865 189,458 192,721
Interest Expense 45,467 48,632 47,777 93,244 95,174
--------- ------- ------- -------- --------
Net Interest Income (FTE) 49,126 47,945 47,088 96,214 97,547
Loan Loss Provision 2,143 3,851 2,499 4,642 6,398
Non-Interest Income:
Inv. Securities Transactions (718) 505 142 (576) 823
Trust Revenue 2,194 1,753 2,015 4,209 3,445
Service Charges on Deposits 6,647 5,634 6,017 12,664 10,727
Income from Mortgage Banking
Operations 6,469 4,159 5,225 11,694 7,542
Gain/(loss) on Sale of Assets 0 0 0 0 0
Other Non-Interest Revenue 304 413 546 850 728
--------- ------- ------- -------- --------
Total Non-Interest Income 14,896 12,464 13,945 28,841 23,265
--------- ------- ------- -------- --------
Non-Interest Expense:
Staff Expense 15,446 13,610 14,483 29,929 27,349
Occupancy & Equipment 2,683 2,870 2,658 5,341 6,031
Other Expenses 10,013 9,450 8,622 18,635 19,601
Amortization of Intangibles 797 819 792 1,589 1,639
OREO Expense 191 191 119 310 288
FDIC Expense 323 166 322 645 341
--------- ------- ------- -------- --------
Total Non-Interest Expense 29,453 27,106 26,996 56,449 55,249
--------- ------- ------- -------- --------
Pre-Tax Earnings (FTE) 32,426 29,452 31,538 63,964 59,165
Tax Equivalent Adjustment 2,897 2,514 2,868 5,765 5,390
--------- ------- ------- -------- --------
Reported Pre-Tax Earnings 29,529 26,938 28,670 58,199 53,775
Taxes 9,745 8,815 9,318 19,063 17,664
--------- ------- ------- -------- --------
Net Income before Extra Items 19,784 18,123 19,352 39,136 36,111
Extraordinary Items (Net of Tax)
--------- ------- ------- -------- --------
Net Income $19,784 $18,123 $19,352 $ 39,136 $ 36,111
========= ======= ======= ======== ========
MEMO: Effective Tax Rate 33.00% 32.72% 32.50% 32.75% 32.85%
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets June 30 June 30
2001 2000
Q-T-D Q-T-D June 30 December 31 June 30
Average Average 2001 2000 2000
------------ ------------ ------------ ------------- ------------
Cash & Cash Equivalents $ 126,979 $ 106,890 $ 121,350 $ 144,810 $ 124,399
Trading Account Securities
Securities Available for Sale 1,056,788 1,132,185 1,165,930 865,266 962,999
Held to Maturity Securities 285,895 235,103 284,987 380,068 390,318
Other Securities
------------- ------------ ------------ ------------ ------------
Total Securities 1,342,683 1,367,288 1,450,917 1,245,334 1,353,317
------------- ------------ ------------ ------------ ------------
Total Cash and Securities 1,469,662 1,474,178 1,572,267 1,390,144 1,477,716
------------- ------------ ------------ ------------ ------------
Loans held for sale 197,286 151,792 198,591 203,831 153,701
Commercial Loans 1,558,943 1,469,954 1,573,379 1,527,008 1,488,438
Mortgage Loans 1,317,481 1,365,267 1,316,001 1,359,044 1,382,435
Consumer Loans 308,558 346,417 314,783 306,442 350,773
------------- ------------ ------------ ------------ ------------
Loans & Leases, net of unearned
income 3,184,982 3,181,638 3,204,163 3,192,494 3,221,646
Reserve for loan & Lease Losses (41,172) (39,326) (41,197) (40,532) (39,324)
Goodwill 34,175 36,841 33,789 35,102 36,447
Mortgage Servicing Rights 0 13 0 13
Purchase Credit Card Intangibles
Other Intangibles 3,871 4,588 3,770 4,122 4,483
------------- ------------ ------------ ------------ ------------
Total Intangibles 38,047 41,442 37,559 39,224 40,943
Real Estate Owned 2,378 2,822 2,260 2,109 2,754
Other Assets 110,011 130,625 120,964 117,277 133,615
------------- ------------ ------------ ------------ ------------
Total Assets $4,961,193 $4,943,171 $5,094,607 $4,904,547 $4,991,051
============= ============ ============ ============ ============
MEMO: Earning Assets $4,704,505 $4,669,411 $4,858,310 $4,643,668 $4,740,443
============= ============ ============ ============ ============
Interest-bearing Deposits $2,901,303 $2,757,133 $2,914,652 $2,852,034 $2,739,418
Noninterest-bearing Deposits 479,983 477,688 536,287 539,415 531,507
Foreign Deposits
------------- ------------ ------------ ------------ ------------
Total Deposits 3,381,286 3,234,821 3,450,939 3,391,449 3,270,925
Short-term Borrowings 360,921 377,458 390,931 333,716 377,344
Intermediate & Long-term Borrowings 696,163 879,589 750,427 706,512 884,445
------------- ------------ ------------ ------------ ------------
Total Borrowings 1,057,084 1,257,047 1,141,358 1,040,228 1,261,789
Other Liabilities 70,498 50,528 57,343 42,000 56,202
Minority Interest
------------- ------------ ------------ ------------ ------------
Total Liabilities 4,508,868 4,542,396 4,649,640 4,473,677 4,588,916
------------- ------------ ------------ ------------ ------------
Common Equity 452,325 400,775 444,967 430,870 402,135
------------- ------------ ------------ ------------ ------------
Total Shareholders' Equity 452,325 400,775 444,967 430,870 402,135
------------- ------------ ------------ ------------ ------------
Total Liabilities & Equity $4,961,193 $4,943,171 $5,094,607 $4,904,547 $4,991,051
============= ============ ============ ============ ============
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Six Months Ended
---------------------------------------- -------------------------
June June March June June
Share Data: 2001 2000 2001 2001 2000
----------- ----------- ------------ ----------- -----------
Earnings Per Share:
Net Income before Extraordinary Items:
Basic $ 0.48 $ 0.43 $ 0.46 $ 0.94 $ 0.86
Diluted $ 0.47 $ 0.43 $ 0.46 $ 0.93 $ 0.85
Diluted - Cash Basis $ 0.49 $ 0.44 $ 0.47 $ 0.96 $ 0.88
Net Income after Extraordinary Items:
Basic $ 0.48 $ 0.43 $ 0.46 $ 0.94 $ 0.86
Diluted $ 0.47 $ 0.43 $ 0.46 $ 0.93 $ 0.85
Diluted - Cash Basis $ 0.49 $ 0.44 $ 0.47 $ 0.96 $ 0.88
Common Dividend Declared Per Share $ 0.23 $ 0.21 $ 0.22 $ 0.45 $ 0.42
High Common Stock Price $27.00 $22.38 $23.25 $ 27.00 $ 22.38
Low Common Stock Price $21.55 $16.38 $19.44 $ 19.44 $ 16.38
Book Value Per Share $10.69 $ 10.77 $ 9.60
Tangible Book Value Per Share $ 9.78 $ 9.86 $ 8.62
52-week High Common Stock Price $23.25 $27.00 $ 27.25
Date 03/01/01 06/29/01 07/09/99
52-week Low Common Stock Price $16.38 $ 17.25 $ 16.38
Date 06/27/00 10/18/00 06/27/00
EOP Shares Outstanding (Net of Treasury Stock): 41,587,229 41,308,168 41,910,723
Average Shares Outstanding: (Net of Treasury Stock):
Basic 41,466,564 41,931,050 41,703,350 41,584,502 42,110,730
Diluted 41,823,411 42,264,141 42,020,236 41,914,814 42,449,089
Memorandum Items:
Tax Applicable to Security Transactions ($251) $177 $50 ($202) $288
Common Dividends $9,530 $8,812 $9,175 $18,705 $17,691
EOP Employees (full-time equivalent) 1,277 1,271 1,340
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Six Months Ended
-------------------------------------- ---------------------
June June March June June
2001 2000 2001 2001 2000
------------ ------------ ---------- ---------- ---------
Selected Yields and Net Interest Margin:
Loans 8.51% 8.95% 8.87% 8.69% 8.90%
Investment Securities 6.98% 6.84% 7.03% 7.00% 6.84%
Money Market Investments/FFS 4.79% 4.50% 6.19% 5.40% 5.41%
Average Earning Assets Yield 8.05% 8.32% 8.33% 8.19% 8.27%
Interest-bearing Deposits 4.28% 4.41% 4.69% 4.48% 4.32%
Short-term Borrowings 3.92% 5.34% 4.84% 4.35% 5.11%
Long-term Borrowings 6.32% 6.11% 6.38% 6.35% 5.90%
Average Liability Costs 4.61% 4.87% 5.00% 4.80% 4.75%
Net Interest Spread 3.45% 3.45% 3.32% 3.39% 3.52%
Net Interest Margin 4.18% 4.13% 4.10% 4.14% 4.18%
Selected Financial Ratios:
Return on Average Common Equity 17.54% 18.19% 17.87% 17.70% 18.12%
Return on Average Assets 1.60% 1.47% 1.62% 1.61% 1.46%
Loan / Deposit Ratio 98.51% 98.60% 103.19%
Loan Loss Reserve / Net Loans 1.30% 1.29% 1.24%
Nonaccrual Loans / Loans, net of unearned income 0.23% 0.19% 0.35%
90-Day Past Due Loans/Loans, net of unearned income 0.15% 0.16% 0.18%
Non-performing Loans / Loans, net of unearned income 0.39% 0.35% 0.53%
Non-performing Assets/Total Assets 0.29% 0.26% 0.40%
Primary Capital Ratio 9.68% 9.47% 8.78%
Shareholders' Equity Ratio 8.93% 8.73% 8.06%
Price / Book Ratio 2.07% 2.49% 2.23%
Price / Earnings Ratio 12.01% 14.37% 10.63%
Efficiency Ratio 43.97% 43.56% 42.84% 43.42% 44.44%
June June December March
Credit Quality Data: 2001 2000 2000 2001
-------- --------- ---------- --------
EOP Non-Accrual Loans $ 6,062 $ 11,156 $ 8,131 $ 7,588
EOP 90-Day Past Due Loans 5,143 5,955 4,717 4,698
-------- --------- --------- --------
Total EOP Non-performing Loans $ 11,205 $ 17,111 $ 12,848 $ 12,286
EOP Other Real Estate & Assets Owned 2,260 2,754 2,109 2,395
-------- --------- --------- --------
Total EOP Non-performing Assets $ 13,465 $ 19,865 $ 14,957 $ 14,681
======== ========= ========= ========
Three Months Ended Year to Date
------------------- --------------------
June June June June
2001 2000 2001 2000
--------- --------- --------- --------
Charge-off Analysis:
Gross Charge-offs ($2,490) ($4,389) ($5,162) ($7,248)
Recoveries 354 372 1,186 575
--------- --------- --------- --------
Net Charge-offs ($2,136) ($4,017) ($3,976) ($6,673)
========= ========= ========= ========